Global Connected Truck Market Size, Industry Share and Forecast Report Analysis, 2022 to 2028
The report " Connected Truck Market Size by Communication Type (Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C), Vehicle to Infrastructure (V2I)), Vehicle Type (Light Commercial Vehicle, Heavy Commercial Vehicle) And Region. Global Market Analysis And Forecast, 2022-2028” , The Global Connected Truck Market Size Was Valued At USD 41.18 Billion In 2021 And Is Projected To Reach USD 107.55 Billion By 2028, Growing At A CAGR Of 14.7% From 2022 To 2028.Industry compliance norms and government mandates supporting connected technology of trucks, coupled with increasing customer satisfaction, drive the connected truck market. Further, the regular vehicle data updates, which are generated by the telematics control unit (TCU) of a truck, are expected to reduce the overall recalling cost for OEMs.
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Europe Region : Largest market for Connected Truck
Europe region dominates the Connected Truck Market. Connected Trucks and autonomous trucks are evident in the automotive industry, which is transitioning from a hardware-focused to one that is more driven by software and (digital) services. About other services and technology, connectivity is specifically considered a catalyst for innovation in the sector106. An increase in innovation in the realms of digital and Information and Communications Technology (ICT) technologies serves as an example of this change. In 2010, connection, Advanced Driver Assistance Systems (ADAS), and interfaces accounted for around 26% of OEMs advancements. This percentage increased to 55% in 2020. In light of the growing significance of technologies like augmented reality, software services, voice control, and parking assistance, it is necessary to examine how prepared the EU car industry is to develop in these fields
Light Commercial Vehicle is estimated to hold the largest market share during the forecast period
Along with the rise in light commercial vehicle production, the demand for safety and comfort features has also increased among the end-users. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA) statistics, the global light commercial vehicle production has increased from 19.9 million units (2011) to 22.8 million units (2016), at a CAGR of 2.76% over the period of five years. Also, developing countries such as China and India have witnessed significant economic growth, which in turn is increasing the demand for commercial trucks that are equipped with connected devices to increase safety and reduce the operating cost of fleets. The considerable rise in digital services in fleets and growing vehicle to cloud (V2C) communication have increased the demand for connected devices, which in turn would fuel the connected truck market.
Rising Demand for Telematics in Commercial Vehicles
The growth of the connected truck market is anticipated to be driven by the increasing government mandates regarding safety regulations. Various automotive OEMs, especially in North America and Europe, are offering driver assistance systems such as adaptive cruise control, blind spot detection, lane departure warning, and park assist system as a standard application in their vehicles. OEMs such as General Motors (US), Daimler (Germany), Volvo (Germany), and Volkswagen (Germany) provide these safety devices in their truck models.
The connected truck market is dominated by a few globally established players such as Bosch (Germany), Continental (Germany), and ZF Friedrichshafen AG (Germany).
Segmentation of Connected Truck Market:
By Communication Type , Connected Truck has been segmented into: Vehicle to Vehicle (V2V),Vehicle to Cloud (V2C),Vehicle to Infrastructure (V2I)
By Vehicle Type, Connected Truck has been segmented into: Light Commercial Vehicle,Heavy Commercial Vehicle Segment by Regions and Countries Level Analysis:
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)
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